Photo Scanner: Lady Bird Deed

Lady Bird Deed

The Kansas Enhanced Life Estate Deed AKA: Ladybird Deed allows you to deed your home or other real estate to your beneficiaries now and reserve for yourself a life estate interest (i.e. the right to live in the home for the rest of your life). This helps your beneficiaries because the property does not go into probate when you pass away. Instead, the property passes directly to your beneficiaries without additional costs and administrative paperwork. Titling property jointly has its place, but you should speak to an estate planning attorney first. There can be hidden dangers.Avoiding capital gains taxes is common, especially for families who wish to transfer real estate to another party after the death of a loved one. In California, these taxes can be be avoided by using what is sometimes referred to as a "lady bird deed." A lady bird deed, also known as a transfer-on-death deed, is a quit claim deed that allows a home to be transferred to another party without formally selling it, thus protecting the seller free from capital gains taxes.